Press release
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Puig presents Vision 2032, its roadmap to exceed €8bn in net revenues through profitable growth Ambition to exceed €8 billion in annual net revenues by 2032, driven by organic growth and by scaling Puig’s core portfolio profitably A new target of over 22.5% Adjusted EBITDA margin by 2032, supported by continued focus, greater integration and continued cost efficiency Ambition to become a Top 4 Premium Beauty company and a Top 2 fragrance player by 2032 Free Cash Flow conversion target above 50% of Adjusted EBITDA, representing over €900 million of Free Cash Flow in 2032 Puig reiterates its commitment to a 40% Dividend payout ratio and leverage threshold of 2.0x at year-end Four focused portfolio priorities in Prestige Fragrances, Niche Fragrances, Charlotte Tilbury and Dermo-Cosmetics Region-specific strategy to reinforce its strongholds in EMEA, LatAm and Travel Retail, and accelerating growth and unlocking opportunities in North America and APAC Six clear white spaces identified at the intersection of brand and market priorities A more integrated operating model built around Global Brands, Global Markets and Global Functions, designed to accelerate profitable growth, and capture the benefits of scale while preserving creative autonomy Jose Manuel Albesa, CEO of Puig, said: “Vision 2032 is our plan to scale what works, profitably. Our ambition is to become an €8 billion-plus company by 2032, a Top 4 Premium Beauty company and a Top 2 fragrance player, while reaching an Adjusted EBITDA margin above 22.5%. We expect to deliver this ambition primarily through organic growth, driven by reinforcing our core portfolio, scaling our strongest brands and concentrating our resources on the categories, markets and channels where we have the clearest opportunity to win. Madrid, October 28th, 2026 Capital Markets Day puig.com 1
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Puig has consistently grown ahead of the premium beauty market while gaining share across its categories. Vision 2032 is designed to continue that outperformance, expand margins and strengthen cash generation, while preserving the creativity and entrepreneurial spirit that make Puig distinctive.” Marc Puig, Executive Chairman of Puig, said: “Puig enters this next chapter from a position of strength. Today, we are stronger than at any point in our over 110-year history. We have a distinctive culture and long-term vision rooted in family ownership, professional management and an identity that we define as a Home of Creativity. This has taken Puig beyond €5 billion in net revenues in 2025, more than tripling revenues in the last five years, and provides the foundation for Vision 2032. The plan is grounded in organic growth from the existing portfolio, complemented by selective acquisitions that add distinctive brands, capabilities or exposure to attractive categories and markets. We will continue to be curators of brands, not aggregators, preserving each Love Brand’s identity and creative autonomy while providing access to Puig’s global capabilities and scale. Puig's next chapter: Vision 2032 At its Capital Markets Day in Madrid today, Puig presents Vision 2032, setting out its ambition for its next phase of profitable growth and long-term value creation. The event will be available via webcast. Register for the webcast: puigcmd2026.com Vision 2032 builds on Puig’s track record as the fastest-growing multi-brand premium beauty company over the past five years, during which it consistently outpaced the market and gained share across Fragrances, Makeup and Skincare. The plan sets out Puig’s ambition to become a Top 4 premium beauty company and a Top 2 fragrance player, exceed €8 billion in annual net revenues by 2032 and achieve an Adjusted EBITDA margin above 22.5%. This is underpinned by the expectation to grow ahead of a premium beauty market, which is forecast to expand by approximately 4–5% annually through 2032. puig.com 2
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Strategic priorities Jose Manuel Albesa, CEO of Puig, sets out the strategic priorities underpinning Vision 2032. Puig will concentrate its investment on the core brands, categories, markets and channels where it sees the clearest opportunities to grow profitably by scaling what works, while applying disciplined allocation of resources and capital, combined with rigorous execution. Puig's brand and portfolio priorities under Vision 2032 are focused on four areas: 1. Double down on Prestige Fragrances. Puig plans to develop Carolina Herrera as a two-axis beauty brand by continuing to grow Fragrance while expanding Makeup. Rabanne and Jean Paul Gaultier will continue to build their fragrance portfolios through disruptive innovation and culturally relevant global activation. 2. Reinforce leadership in Niche Fragrances, the fastest-growing segment of the category. Puig will scale Byredo and Penhaligon’s through greater productivity in their existing footprint and selective geographic and distribution expansion, while preserving exclusivity and profitability. 3. Unleash the full potential of Charlotte Tilbury as a multi-category beauty brand. The brand, which has more than tripled in size since joining Puig in 2020, aims to multiply its business by 1.5x by 2032 through growth in Makeup, accelerated growth in Skincare, entry into Fragrance from 2028 and selective distribution expansion. 4. Build a global Dermo-Cosmetics champion. Puig aims to double Uriage by 2032 through category, geographic, e-commerce and channel expansion. Subject to completion of the ISDIN transaction, ISDIN, Uriage and Apivita would form a Dermo-Cosmetics platform with more than €1 billion in pro forma net revenues. By market, Puig will consolidate its strongholds in EMEA and Travel Retail, reinforce its position in Latin America by expanding across categories, double down in the United States, and build a stronghold in Asia-Pacific. puig.com 3
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At the intersection of its brand and market priorities, Puig has identified six whitespace opportunities for growth that will support its ambition to exceed €8 billion in annual net revenues by 2032: 1. Digital: strengthen omnichannel and pure-player partnerships and expand selectively across marketplaces, social commerce and Puig’s own e-commerce platforms. 2. Asia-Pacific: scale Niche Fragrances and Charlotte Tilbury in Northeast Asia, and Prestige Fragrances and Dermo-Cosmetics across Southeast Asia, India and Oceania. 3. US Niche Fragrances: expand Byredo and Penhaligon's selectively to capture the opportunity in the US. The US represents 25% of the Niche market, while only 14% of Puig's Niche weight. 4. Feminine Prestige Fragrances: build on Good Girl, La Bomba and the 2026 launch of Jean Paul Gaultier’s La Favorite, with further innovation across Charlotte Tilbury and Rabanne. 5. Charlotte Tilbury distribution: expand selectively within existing markets and enter new markets while protecting distribution quality and productivity, and preserving brand equity. 6. Dermo-Cosmetics: expand the brands into new markets and channels, including specialist beauty, department stores, Travel Retail and digital platforms. Financial ambitions to 2032 Miquel Angel Serra, CFO of Puig, outlines the company's financial ambitions to 2032, combining above-market growth, increased profitability, strong cash generation and disciplined capital allocation. Puig aims to exceed €8 billion in annual net revenues by 2032, primarily through organic growth, and to achieve an Adjusted EBITDA margin above 22.5%. This would represent Adjusted EBITDA above €1.8 billion and margin expansion of more than 180 basis points from the 20.7% achieved in 2025. Puig expects Adjusted EBITDA margin to exceed 22.5% by 2032, to be primarily driven by greater SG&A leverage as the Group grows and scales, supported by increased efficiency from its One Group platform and the puig.com 4
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continued capture of acquisition synergies. Platform convergence and integration synergies are expected to unlock approximately €80 million of value over the next three years, while continued efficiencies across the P&L will provide further upside and A&P investment remains within its historical range. Subject to completion of the transaction, Puig’s Adjusted EBITDA margin in 2027 will reflect the initial consolidation of ISDIN, with integration benefits expected to build over time as the scaled Dermo-Cosmetics platform supports the Group’s long-term growth and profitability. Puig expects to maintain Free Cash Flow conversion above 50% of Adjusted EBITDA, equivalent to over €900 million of Free Cash Flow in 2032. Its capital allocation framework remains unchanged: investment in profitable organic growth, a 40% dividend payout ratio of net profit, and selective, long-term, value-accretive M&A, with year-end leverage at or below 2.0x Net Debt / Adjusted EBITDA. Leverage is expected to rise in 2027 following the ISDIN transaction, but to remain within that threshold by year end. A more integrated operating model and strengthened go-to-market approach Javier Bach, President, Global Markets and COO, explains how Puig is moving from a divisional structure to a more integrated organization built around Global Brands, Global Markets and Global Functions. The model will give brands greater access to Puig’s geographic platforms, retail relationships, technology and operations, while preserving their creative autonomy and local market expertise. It will support Puig’s go-to- market priorities of maintaining its European and Latin American strongholds while accelerating in North America and Asia-Pacific. Online is expected to remain the fastest-growing channel in premium beauty. Puig will accelerate digital growth through omnichannel retailers and pure players, selective marketplace and social-commerce expansion, and its own direct-to-consumer platforms. Puig will also continue to build on its position in Travel Retail, where it has moved from the sixth to the third-largest fragrance player since 2021 and increased its market share from 9.6% to 13.0%. Further opportunities include Charlotte Tilbury, Niche Fragrances and, over time, Dermo-Cosmetics. puig.com 5
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Greater integration across operations and shared consumer and commercial capabilities will enable Puig to scale more efficiently and accelerate profitable growth. Puig is also embedding AI into its processes and concentrating investment on a small number of strategic initiatives, including Puig Prisma, its proprietary intelligence engine for consumer insight and decision-making. The role of our Love Brands Puig’s brand leaders set out how each priority will be delivered. Ana Trias, President, Prestige & Fashion Brands, details how Puig plans to continue gaining share in Prestige Fragrances and support its ambition to become a Top 2 fragrance player by 2032. The main growth opportunity is in feminine fragrances, which represent approximately 65% of the global Prestige fragrance market but around 45% of Puig’s Prestige fragrance business. Further growth is expected from expanding the fragrance remit, developing Carolina Herrera in Makeup and accelerating across digital, as well as underpenetrated markets and channels. Thomas James, President, Niche & Wellness Brands, explains how Puig intends to reinforce its position in Niche Fragrances, the fastest-growing fragrance segment since 2022 and a segment expected to approach 20% of the global selective fragrance market by 2032. Byredo and Penhaligon’s will grow through increased productivity across their existing footprint and selective geographic and distribution expansion, particularly in the United States and selected Asian markets, while protecting exclusivity, cultural relevance and profitability. Kaatje Noens, Managing Director, Charlotte Tilbury, presents the brand’s ambition to multiply its business by 1.5x by 2032 and develop into a leading global tri-axis beauty brand across Makeup, Skincare and Fragrance. Growth is expected to come from continued Makeup innovation, accelerated Skincare, entry into Fragrance from 2028 and selective market and channel expansion. Marc Toulemonde, President, Derma, establishes Puig’s ambition to double Uriage by 2032 and develop it from a regional champion into a global Dermo- Cosmetics leader. Its growth plan is based on expansion into higher-value categories, a stronger presence in Europe and Latin America, accelerated e- puig.com 6
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commerce and deeper partnerships with major pharmacy and para- pharmacy groups. ISDIN, which generated approximately €650 million in revenues in 2025, is expected to become a pillar of Puig’s Dermo-Cosmetics platform upon completion of the transaction, subject to obtaining the relevant regulatory approvals, expected in Q1 2027. Puig aims to deliver Vision 2032 while continuing to place creativity and innovation at the heart of its growth model. As the company expands its scale and global reach, it intends to remain true to its purpose as a Home of Creativity and to the entrepreneurial culture, shaped by its people, that makes Puig unique. puig.com 7
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About Puig Puig i s a H o m e o f C r e a t i v i t y b r i n g i n g t o g e t h e r a c u r a t e d p o r t f o l i o o f L o v e Brands, within a family company, that furthers wellness, confidence and self- e x p r e s s i o n w h i l e l e a v i n g a b e t t e r w o r l d . S i n c e 1 9 1 4 , o u r e n t r e p r e n e u r i a l s p i r i t , creativity, and passion for innovation have turned Puig into a global leader in the premium beauty industry. Present in the Fragrance and Fashion, Makeup and Skincare segments, our Home of Love Brands generates engagement through inspiring storytelling that connects with people’s emotions and is reinforced by a powerful ecosystem of founders. Puig's portfolio includes Rabanne, Carolina Herrera, Charlotte Tilbury, Jean Paul Gaultier, Nina Ricci, Dries Van Noten, Byredo, Penhaligon’s, L’Artisan Parfumeur, Uriage, Apivita, Dr. Barbara Sturm, Kama Ayurveda and Loto del Sur as well as the beauty licenses of Christian L o u b o u t i n , B a n d e r a s a n d A d o l f o D o m i n g u e z , a m o n g o t h e r s . At Puig, we honour the values and principles established through three generations of family leadership. Today, we continue to build on that legacy through Nurture Positive Impact, our 2032 Sustainability Strategy. It reflects our belief that creativity and responsibility are inseparable forces for positive change for people and the planet. In 2025, Puig recorded net revenue of €5,042 million. Puig sells its products in more than 150 countries, and has offices and subsidiaries in 33 of them. Follow us Instagram LinkedIn Further information: Investor Relations investor.relations@puig.com Global Communications global.communications@puig.com puig.com 8
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Disclaimer This document has been prepared by Puig Brands, S.A. (the “Company” and together with its subsidiaries, the “Group”) in connection with the 2026 Capital Markets Day and neither this document, any related presentation, webcast, meeting (either in person or online) or any related Q&A sessions, nor the information contained therein, can be used, disclosed, or published by third parties for other purposes without the prior written consent of the Company. Neither the Company, nor other companies of the Group, will assume any responsibility, whether for negligence or other reason, for any damage or loss arising from any use of this document, any related presentation, webcast, meeting or any related Q&A sessions, or the information contained therein. In particular, no investment decision on the Company’s shares, securities or other financial instruments of the Company linked to them shall be taken on the basis of this document, any related presentation, webcast or meeting, or any related Q&A sessions, or the information contained therein. This document, any related presentation, webcast, meeting or any related Q&A sessions, and the information contained therein should not be interpreted as an offer or invitation to acquire, subscribe, buy, sell, or exchange shares or securities of the Company or financial instruments referenced to or which underlying is shares or securities of the Company. It should also not be considered a solicitation of an offer for such activities, nor a recommendation or advice regarding shares or securities issued by the Company or financial instruments referenced to or which underlying is shares or securities of the Company. The securities of the Company have not been registered under the United States Securities Act of 1933, and cannot be or will not be offered or sold in the United States, except in compliance with an effective registration statement or under a valid exemption from registration requirements. Likewise, these securities cannot be offered or sold in other jurisdictions except in compliance with applicable laws and regulations of those jurisdictions. Forward-Looking Statements The information in this document and in any related presentation, webcast, meeting or any related Q&A sessions may include forward-looking statements, which are based on current expectations, projections and assumptions about future events. These forward-looking statements include all matters that are not historical facts. The words “believe”, “expect”, “anticipate”, “intends”, “estimate”, “forecast”, “project”, “plan”, “will”, “may”, “should”, “target”, and similar expressions identify forward-looking statements. These forward-looking statements, as well as those included in any other information included in this document or discussed in any related presentation, webcast, meeting or any related Q&A sessions, are subject to known or unknown risks, uncertainties and assumptions about the Group and its operations, including, among other things, the development of its business, its growth plan and targets, trends in its industry, economic and demographic trends, and the Group’s future capital expenditures and acquisitions. In light of these risks, uncertainties and assumptions, which may be beyond the Group’s control, the events in the forward-looking statements may not occur and actual results, performance or achievements may materially differ from any future results, performance or achievements that may be expressed or implied in this document, any related presentation, webcast, meeting or any related Q&A sessions. No representation or warranty is made that any forward-looking statement will come to pass. Forward-looking statements speak as of the date of this document, any related presentation, webcast, meeting or any related Q&A sessions, as applicable, and the Company does not undertake to publicly update or revise any such forward-looking statement, whether as a result of new information, future events, circumstances occurring after the date of this document, or otherwise. Such forward-looking statements do not purport to be exhaustive, nor have they been verified or audited by third parties. None of the Company or any of the companies of the Group, or any of their respective directors, officers, employees, advisers or agents, accepts any responsibility or liability whatsoever or makes any representation or warranty, expressed or implied, as to the truthfulness, fairness, accuracy, completeness or verification of such information. Accordingly, undue reliance should not be placed on any forward-looking statement contained in this document, nor in any related presentation, webcast, meeting or any related Q&A sessions. Unless otherwise indicated, all forward-looking statements included in this document or discussed in any related presentation, webcast, meeting or any related Q&A sessions, have been prepared on the basis of the International Financial Reporting Standards (“IFRS”) adopted by the European Union currently applied by the Group, including IFRS-16. The Group expects to adopt IFRS-18 as from its effective date. The application of IFRS-18, or of any other new or amended accounting standards, may result in changes to the presentation, classification and definition of certain financial measures and accordingly, the financial information reported by the Group in future periods may not be directly comparable with the forward-looking statements included herein. The Company does not undertake to restate or update any such forward-looking statements to reflect the adoption of IFRS-18 or any other accounting standard, except as required by applicable law. Past performance is not indicative of future results Statements regarding historical performance or, where applicable, growth rates are not intended to imply that future performance, share price or future results for a given period will necessarily match or exceed those of a prior year. puig.com 9
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Alternative Performance Measures and Non-IFRS Information This document, any related presentation, webcast, meeting or any related Q&A sessions, include financial information prepared by the Company under IFRS, as well as certain non-IFRS consolidated financial measures of the Group derived from (or based on) its accounting records, and which it regards as alternative performance measures (“APMs”) for the purposes of Commission Delegated Regulation (EU) 2019/979 of March 14, 2019 and as defined in the European Securities and Markets Authority Guidelines on Alternative Performance Measures dated October 5, 2015. Other companies may calculate such financial information differently or may use such measures for different purposes than the Company does, limiting the usefulness of such measures as comparative measures. These measures should not be considered as alternatives to measures derived in accordance with IFRS, have limited use as analytical tools, should not be considered in isolation and may not be indicative of the Company’s results of operations. Recipients should not place undue reliance on this information. Market and Industry Data This document and any related presentation, webcast, meeting or any related Q&A sessions, contain market, industry and competitive position data and forecasts which, where identified as “Company Industry Sources”, have been derived by the Company from a range of third-party sources, including, among others Euromonitor International, Circana, Nielsen, Generation Research, Kearney, Beauté Research, IQVIA, L.E.K., Sociovision and Ifop Group, as well as from publicly available information, internal estimates and analyses, and the Company’s own assumptions and adjustments. Such third-party sources generally state that the information they contain has been obtained from sources believed to be reliable, but that its accuracy and completeness are not guaranteed. The Company has not independently verified such data and, while the Company believes its internal estimates and assumptions to be reasonable, they have not been verified by any independent source and may differ from estimates made by competitors or from future results. Neither the Company nor any company of the Group makes any representation or warranty as to the accuracy or completeness of such data, and recipients should not place undue reliance on it. puig.com 10